Toledo Port Authority in Closing Pact to Keep $3.5M Tax-Exempt

The Toledo-Lucas Port Authority entered into a closing agreement with the Internal Revenue Service to preserve the tax-exempt status for $3.5 million of 2005 bonds after the IRS found they were taxable.

Neither the authority nor the IRS disclosed the terms of the settlement. All of the development revenue bonds, which were scheduled to mature in 2025, were redeemed.

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